http://polizeros.com/2008/01/13/largest-oil-producers-have-passed-their-peak/ Musings on politics: anti-war, global warming, peak oil and otherwise Thu, 08 Jan 2009 00:37:17 +0000 http://wordpress.org/?v=2.7 hourly 1 http://polizeros.com/2008/01/13/largest-oil-producers-have-passed-their-peak/comment-page-1/#comment-147478 StevenT Sun, 13 Jan 2008 21:56:43 +0000 http://polizeros.com/2008/01/13/largest-oil-producers-have-passed-their-peak/#comment-147478 I realized that 'people' always blame India and China for the surge of demand of oil. That's only half truth. Many rich investors especially in the US put their money on oil because they know that oil is in fact very valuable. By doing so, they are actually buying oil and thus the oil companies got to keep those bought oil in reserves. Alan Greenspan wrote in his book that this act of oil buying by investors is the cause of oil price surging and hasten the price of oil to >100 dollars a barrel. I think that itself is open to debate as if investors do not play with the oil price, maybe in a few years alternative energy would boom and thus balance the price of oil. So it is not India and China's demand for oil which is fueling the increase in oil prices. At least not for now. I realized that ‘people’ always blame India and China for the surge of demand of oil. That’s only half truth. Many rich investors especially in the US put their money on oil because they know that oil is in fact very valuable. By doing so, they are actually buying oil and thus the oil companies got to keep those bought oil in reserves. Alan Greenspan wrote in his book that this act of oil buying by investors is the cause of oil price surging and hasten the price of oil to >100 dollars a barrel. I think that itself is open to debate as if investors do not play with the oil price, maybe in a few years alternative energy would boom and thus balance the price of oil. So it is not India and China’s demand for oil which is fueling the increase in oil prices. At least not for now.

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